Labor Day Gas Prices: Reasonable … For Now

Prices are lower than in July, but that trend might reverse soon

Heading into a typically travel-heavy Labor Day weekend, gas prices are at the very least not spiraling out of control.

As of yesterday, the average price for a gallon of regular gasoline was $3.55 — a slight increase from the week prior, sure, but it still represents a 9-cent month-over-month decline and a 19-cent YOY drop. According to the Lundberg survey, the recent downward trend has been thanks to higher supplies in the wake of still-high production capacity.

Unfortunately, that trend might not last for long — even though prices generally slide even more as we head into fall since folks generally drive less. That’s because fear of a military strike in Syria has sent crude oil prices and gas futures soaring during the past few days, as many worry that a supply disruption is right around the corner.

And those rising prices could soon trickle down to a pump near you.

Of course, folks in Hawaii and Alaska are already used to paying more at the pump. Consumers in both hard-to-reach states are already shelling out more than $4 a gallon — but that’s basically par for the course. A similar story can be told for southern states like South Carolina and Alabama, which generally enjoy cheaper prices.